PRODA, a London-based data processing and analysis platform, has raised £6.6 million in Series A funding.
The fundraise was led by existing investor ING Ventures, with JLL Spark, Blackstone Innovations Investments and Concrete VC coming on board as new investors.
PRODA, one of our PropTech 50 companies, says the backing by major stakeholders in the real estate sector will help it establish its software platform as the centralised hub for processing and analysing lease, property and unit level data.
Launched in 2017, PRODA is a cloud-based SaaS solution that captures, standardises, validates, analyses and exchanges rent roll data – a critical input leveraged throughout the commercial real estate industry among lenders, investors and asset managers given the property level detail captured.
Regardless of currency, language or property-type, the machine-learning trained platform automates a previously manual and error-prone process, resulting in up to a 90% reduction in overall processing time in addition to higher quality data for its users.
The platform provides companies with increased visibility, real-time property reporting and operational efficiencies demanded in the current market.
PRODA currently operates across 16 countries, strategically tailoring its platform to regional needs. Their flagship technology includes new additions such as the tenant exposure and risk analysis tool, as well as an advanced charting tool that significantly saves asset managers time by formulating data exactly to their required specifications.
The funding will be used to continue to scale the breadth and depth of PRODA’s platform and grow its presence in and beyond Europe to meet the growing demand for its services.
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“We are thrilled that companies like ING Ventures, JLL Spark, Blackstone and Concrete VC took part in our latest funding round,” said Peter Bredthauer, co-founder and CEO.
“Alongside existing investors like SURPLUS Equity Partners and M7 Real Estate, we have fantastic support as we continue to fulfil our mission of transforming data from a headache into an asset.”